The Independence Fund Inc

Analysis

The Independence Fund Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in August 2007, 19 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, The Independence Fund Inc reported income of $12.5m and spending of $13.3m, spending 107% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.5m to $12.5m (+93%), an average of +18% a year. The sharpest change came in the year to June 2023, when income rose by 46%. Over the whole period it spent 101% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Independence Fund Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within NC. Charities of a similar size with the same main cause include Plains Area Mental Health Inc ($12.5m), Rock Creek Foundation for Mental Health Inc ($12.5m) and Heat and Warmth Fund ($12.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 93% of the total. Other salaries and wages came to $3.3m. At year end it held assets of $7.6m against liabilities of $1.1m, net assets of $6.5m. It reported 54 employees.